https://www.taxtmi.com/caselaws?id=427706 The Income Tax Appellate Tribunal (ITAT) partially ruled in favor of the assessee. The ITAT directed the Assessing Officer (AO) to reconsider the denial of exemption claim under Section 10(38) and remitted the addition under Section 56(2)(vii)(a) for reassessment. Processing fees were allowed as revenue expenditure based on legal precedent, but the disallowance of the bad debt claim was upheld. The ITAT did not provide relief on the levy of interest under Section 234B. The appeal was partly allowed for statistical purposes. en-us Fri, 09 Sep 2022 00:00:00 +0530 Wed, 14 Sep 2022 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427706 The Income Tax Appellate Tribunal (ITAT) partially ruled in favor of the assessee. The ITAT directed the Assessing Officer (AO) to reconsider the denial of exemption claim under Section 10(38) and remitted the addition under Section 56(2)(vii)(a) for reassessment. Processing fees were allowed as revenue expenditure based on legal precedent, but the disallowance of the bad debt claim was upheld. The ITAT did not provide relief on the levy of interest under Section 234B. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Fri, 09 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427706